Here’s the letter I sent to my senator, I suggest you do the same!
Dear Dianne Feinstein,
Chrysler is owned by the hedge fund, Cerberus Capital Management, L.P.
Why are taxpayers now being asked to bail out Chrysler when its owner refuses to do so?
I vigorously object to this auto bailout as long as it includes Cerberus. I shouldn’t have to bail out a hedge fund.
Please respond to my letter.
Sincerely
Below find info about Cerberus:
Cerberus Capital Management, L.P. is one of the largest private equity investment firms in the United States. The firm is based in New York City, and run by 48-year-old financier Steve Feinberg. Former U.S. Vice President Dan Quayle has been a prominent Cerberus spokesperson and runs one of its international units.
The company has been a very active acquirer of businesses over the past several years and now has sizable investments in automotive, sportswear, paper products, military services, real estate, energy, retail, glassmaking, transportation, and building products. In 2006, its holdings amounted to $24 billion.
On October 19, 2006, John W. Snow, President George W. Bush’s second United States Secretary of the Treasury, was named chairman of Cerberus.
Notable acquisitions
• Pharmaceuticals – In December 2004, the company announced the acquisition of Bayer’s plasma products business and renamed it Talecris Biotherapeutics.
• Paper products – The company acquired MeadWestvaco’s paper business for $2.3B in 2005 and renamed it NewPage Corporation. Cerberus also purchased, from Georgia Pacific Corporation, its Distribution Division/Building Products and all of its associated real estate. It renamed this new company BlueLinx Holdings, based in Atlanta.
• Government Services (Military, Energy, and Food & Drug) – owns IAP Worldwide Services, which bought Johnson Controls’ World Services division in February 2005, and Netco Government Services.
• Real Estate – Through investment affiliate Cerberus Real Estate, the company has been making direct equity, mezzanine, first mortgage, distressed and special situation investments in all asset types. It also controls Miami Beach.-based LNR Property, a large real estate development and investment firm through subsidiary Riley Property. Cerberus also controls Kyo-ya, a Japan based group of entities that owns several Starwood managed assets in California, Hawaii and Florida.
• Retail – Cerberus purchased 655 of the 2,500 Albertson’s, Inc., grocery stores, forming Albertsons LLC of Boise, Idaho, in June 2006. They also own Mervyn’s department stores, which was acquired from Target Corp. In June 2007, Cerberus acquired Torex Retail Plc., a retail solutions provider in troubled waters, for approximately 400 million US dollars.[2]
• Transportation – Acquired bankrupt ANC Rental, owner of the National and Alamo car rental chains, for $230 million in October 2003 and purchased DaimlerChrysler’s 45% share of debis AerFinance, an aircraft leasing business, in May 2005. Complete acquisition of debis AirFinance (later renamed AerCap) was concluded in July 2005. Also acquired North American Bus Industries, Optima Bus Corporation, and Blue Bird Corp. in the bus manufacturing sector. Cerberus also owns bus companies Coach America and American Coach Lines, which were acquired from Stagecoach Group.
• Automotive – Peguform, GDX Automotive, and Chrysler.
• Financial Services – General Motors sold a 51% stake in its GMAC finance unit to an investor group led by Cerberus Capital Management in November 2006. GM expected to receive $14 billion over the next three years from the sale of General Motors Acceptance Corp. In December 2006, Cerberus acquired the Austrian bank BAWAG P.S.K. for a reported EUR3.2 billion. In August 2007, Cerberus announced that it was closing one of their mortgage companies, Aegis Mortgage.
• Firearms – Acquired Bushmaster Firearms, Inc., from Windham, Maine native Dick Dyke for an undisclosed sum in April 2006, and purchased Remington Arms in April 2007. Under Cerberus direction, Bushmaster Firearms acquired Cobb Manufacturing, a well-respected manufacturer of large-caliber tactical rifles in August 2007. Cerberus also announced the acquisition of DPMS Panther Arms in December 2007.[3][4] Remington Arms acquired Marlin Firearms in January 2008.[5][6]
• Entertainment – Acquired a group of seven television stations, Four Points Media Group, from CBS Corporation in 2007.[7][8]
• Other holdings of the investment group include Formica, Inc., and the Aozora Bank in Japan; and cable operator Galaxy Cable.
• In 2007 Cerberus took over Corvest a promotional products company based out of Largo, FL with arms based in Simi Vally, Ca & Thorfare, NJ.
Where’s my Flying Car?
Where’s My Flying Car? (A Question For The Big 3 On The Occasion Of Their Bailout)
I live in the future. I can tell; I have a telephone in my pocket and I am typing this on a home computer. So, where’s my flying car?
http://mrfuture.com/2008/11/10/from-england-to-timbuktu-in-a-flying-car/
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